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Are you thinking of buying a home in Denver? You owe it to yourself to consider FHA financing. Read these 8 facts and learn the benefits of FHA mortgages.

1. Many homebuyers in Denver believe that FHA loans are designed for low-income purchasers, but this is not the case. FHA loans are available to high-income as well as low-income borrowers. There is no maximum income limitation with FHA loans.

2. FHA loans are easy to obtain – if the borrower has good credit and can provide income and asset documentation.  Many Denver homebuyers suffered a job loss in the recent past, and they’ve only been working for their new employer a few months. A recent job change does not disqualify you from obtaining an FHA loan, as long as you provide full documentation, which will include current employment verification.

3. FHA loans are not only for first-time buyers. Whether this is your first or tenth home purchase, you can apply for an FHA loan.


4. Currently, the FHA loan cap is 6,250 in the Denver metro area. The FHA loan cap is 0,000 in Boulder and 2,500 in Fort Collins. That’s high enough to serve the majority of home buyers along the Front Range.
5. FHA rates vary between lenders. The FHA insures loans that meet FHA standards, but the FHA does not actually loan the money and it does not set interest rates. That’s why it’s important to work with a Denver area lender with competitive interest rates.

6. FHA loans are affordable for most homebuyers, because the FHA down payment requirement is just 3.5% of the purchase price.

If you are a first-time homebuyer who has not saved 3.5% for your down payment, you may qualify for a Colorado Housing and Finance Authority (CHFA) loan, which is a second mortgage. The CHFA loan combined with an FHA loan enables you to purchase a home in Denver for ,000 down payment.

7. You can buy a condo with an FHA loan. However, FHA protects your interests by requiring condo developments to obtain FHA approval. Under rules implemented in February 2010, an entire condominium development must have current FHA approval before a buyer can purchase a unit in an association with an FHA loan.

8. FHA loans are assumable. This means that when you sell in a future year, your current loan and it’s super-low interest rate can be transferred to the new buyer.

Now, more than ever, Denver home buyers are finding the FHA loan is easy to secure with good credit and full documentation. And Sellers are discovering that purchase contracts with FHA loan prequalification is the first step to a smooth closing.

RE/MAX is a prominent name in Denver real estate, with agents specializing in working with both buyers and sellers of real estate throughout the Denver area. Visit for details about their services for homebuyers, as well as property listings and information about their service areas, like Highlands Ranch real estate [

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